You’ve found your Tampa dream home and now it’s time to find financing.
Shopping various Tampa mortgage companies will help you get the best deal, and your Realtor is the best place to start. Your Realtor will know your deal, know your specific situation, has an extensive network of real estate and mortgage professionals on speed dial, and can match you with the best possible lenders to meet your needs.
Keep in mind that there is a wide variety of different types of mortgage loans and your Realtor can help you understand your options. It is important to shop around and take the time to understand the terms of the different loans offered to you.
When considering a lender, get answers to the following:
- What is the term of the loan?
- Is the interest rate fixed or adjustable?
- Can I see a Good Faith Estimate right away?
- Could you estimate closing costs for my loan?
- Can you estimate and explain your fees?
- Do I need to pay points?
- How much will my payment be and will it eventually pay off my principal?
- What other costs will be added to my monthly payment?
- Can I repay the loan early without penalty?
- Will the payments change over the life of the loan? How high can my payment go?
- For an adjustable rate mortgage, are the payment adjustments and the interest rate capped?
- How much will I need to put down?
- Does the written offer match what I was told about the loan?
Pre-Approved vs. Pre-Qualified
Many Tampa home buyers, once they have found the right lender, take the extra step of being pre-qualified or pre-approved to help facilitate the buying process. But understand that these are two very different and unique things.
When you are pre-approved, you know exactly what the maximum loan amount will be. A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved.
When you are pre-approved, you and your Tampa Realtor know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.
Your Tampa Realtor can Help You Find the Right Lender
Your Tampa Realtor can help you find the best possible lenders to meet your specific needs. Remember that there are many different types of mortgage loans – it is important to shop around and take the time to understand the terms of the different loans offered to you.